东吴证券:上汽、中石油、中石化、宁德成立换电联盟 共推行业爆发利好龙头设备商

Soochow Securities: SAIC, Petrochina Company Limited, China Petroleum & Chemical Corp and Ningde set up a power exchange alliance to promote the outbreak of the industry and benefit the leading equipment vendors.

Zhitong Finance ·  09/23/2022 09:30

Zitong Financial APP learned that Shanghai Jie Neng Zhidian New Energy Technology Co., Ltd., jointly invested by China Petroleum & Chemical Corp, Petrochina Company Limited, Ningde and Shanghai International Automobile City, was established on September 22nd. According to a research report released by Soochow Securities, the low base power exchange industry in the future will have high growth, and it is expected that the number of power exchange stations to be built in 2025 will exceed 16000, corresponding to an additional equipment investment of nearly 40 billion yuan. In the early days of the outbreak of the power exchange industry, head equipment manufacturers will give priority to benefit. Recommend: Hanchuan Intelligence (688022.SH), suggest attention: Bozhong Seiko (688097.SH), Xiexin Nengke (002015.SZ), Shandong Weida (002026.SZ), University of Science and Technology Intelligence (300222.SZ), Infid (300582.SZ).

The main points of Soochow Securities are as follows:

SAIC cut into the power exchange track to construct a complete ecology of power exchange:

With power battery leasing business as the core, Jie Neng Zhi Electric Power Co., Ltd. carries out research and development and promotion of power exchange technology, battery operation and management, big data service, etc., to form a complete ecology of power exchange, create a standardized platform, and enhance the user experience of new energy vehicle owners. (1) Power exchange network: JiNeng Zhidian will upgrade to build a "changeable and rechargeable" comprehensive energy service station, relying on the network of more than 50, 000 gas stations spread across the country by China Petroleum & Chemical and Petrochina. (2) Power-changing models: Feifan, Roewe, MG, Chase and other brands of SAIC will launch power-changing models one after another, including SUV, cars, MPV and commercial vehicles.

The power exchange mode has been recognized, and the multi-player competition to promote the industry has broken out:

(1) the current power exchange mode has been gradually recognized, especially in the field of commercial vehicles, and there have been many entrances in the power exchange industry, including automobile manufacturers represented by NIO Inc. and Geely, power battery manufacturers represented by Ningde era, energy suppliers represented by the State Grid and power exchange operators represented by Aomo New Energy. (2) the cooperation between SAIC and traditional energy companies and power battery factories in the layout of power exchange business can make use of the channel advantages of Petrochina Company Limited and China Petroleum & Chemical Corp to realize the coordinated layout of gas stations and exchange power stations. at the same time, it is conducive to working with battery factories such as Ningde era to promote the unification of power exchange industry standards and accelerate the ecological construction of power exchange.

In the early stage of the outbreak of the power exchange industry, the head equipment manufacturers gave priority to benefit:

In the future, the low-base power exchange industry will have high growth, and the bank expects that the number of power stations to be built in 2025 will exceed 16000, corresponding to nearly 40 billion yuan of new equipment investment. As a leading equipment manufacturer of power exchange, Hanchuan Intelligent has three categories of products: equipment manufacturing of power exchange station, manufacturing of core components and terminal operation system platform, and has reached cooperation with Geely, Xiexin Nengke, Ningde era, etc., and has a first-mover advantage in the entry of major customers, fully benefiting from the 0-1 development of the power exchange industry.

Risk Tips:The promotion of power replacement mode is not as expected.

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